Arguably the centerpiece of Mitt Romney’s economic policy is his infamously vague tax plan. Romney has promised to reduce income tax rates by 20 percent, but claims the plan won’t add to the deficit due to the elimination of deductions and loopholes.
But the tax cut would cost nearly $5 trillion, and removing tax deductions doesn’t come close to offsetting that loss, unless deductions are cut for the middle-class. In spite of all this, the Romney campaign has adamantly claimed that the numbers do indeed add up.
But now, even Fox News seems be admitting that the math isn’t there. Fox Business host Stuart Varney — a stalwart conservative who openly cheers for Republicans — admitted on Fox and Freinds that he can’t explain how much revenue Romney’s plan would raise:
CARLSON: Alright, so let’s say you do go through these deductions, that, uh…or limiting them, that it doesn’t bring in enough money to offset the tax decreases that you’re going to give to the wealthy.
VARNEY: Yes, that is the other side of the argument, and I cannot calculate how much money would be brought in, because we don’t know the dollar value of the total deductions.
Every independent analysis has found that the various permutations of Romney’s tax plan all involve cutting taxes for the rich, and either raising them on the middle class or blowing up the deficit. There simply aren’t enough deductions used by rich Americans to offset the massive revenue loss that results from a 20 percent cut in rates.
Other Fox hosts have evinced even more frustration with Romney’s continued refusal to supply the details of his plan. Fox’s Greg Jarrett repeatedly tried to drag specifics out of Romney’s policy director during a heated interview, while Chris Wallace took senior Romney adviser Ed Gillespie to task for using debunked studies to claim that the plan adds up. (HT: Media Matters)